The start date for manufacturing at Electrovaya’s plant in Ellicott has been pushed back into early 2024.

In a news release, company officials said battery assembly at its new Ellicott Gigafactory will begin in the first quarter of 2024 with cell assembly beginning in the second quarter of 2025 as more of the plant’s renovation is completed. Electrovaya has hired its plant manager, who will start Sept. 1, company officials told county IDA officials in June.

The announcement regarding the 52 acre site comes after the company has secured 80% of the $48 million cost to turn the former Acu-Rite building in West Ellicott. The site will eventually produce Electrovaya’s Infinity line of lithium-ion ceramic batteries, including the company’s proprietary ceramic separators, cells, modules and battery systems. The company is expected to hire about 150 employees initially with the possibility of employing 250 employees when the plant is completed.

“The company has executed a term sheet and engagement letter for a debt financing facility from a government-backed lender,” Electrovaya officials said in a news release on the company’s website. “Total debt funding, excluding grants and other incentives, which will be led by said lender, will provide more than 80% of the required capital for the first phase. Under the lending terms, Electrovaya hired a third-party engineering firm to review the feasibility of the project. This review was recently completed with a positive outcome. The lending agreement is expected to close in September or October of 2023, pending remaining legal and due diligence steps.”

Electrovaya had originally hoped to be using the plant before the end of 2023, according to comments made by Raj Das Gupta, Electrovaya CEO, during a conference call earlier this year with investor analysts.

“Electrovaya is rapidly growing, and we will ultimately need additional capacity,” Gupta said in May. “This was one of the driving factors for our U.S. manufacturing expansion in Jamestown, New York. In March, we acquired the site at one Precision Way by purchasing the shares of Sustainable Energy Jamestown. We are also making good progress with respect to reaching an agreement with a government-backed finance institution to provide the necessary funding to outfit the first phase of our planned gigafactory. One of the requirements of this institution is to provide a detailed independent engineering review for which we have engaged with a leading engineering consultancy. Their initial analysis is well underway, and we expect to receive it later this month. The Jamestown gigafactory will be key in enabling Electrovaya to grow further and also access new incentives tied to the inflation Reduction Act.”

In addition to the government-backed lender, Electrovaya has received incentives from the state of New York, New York Power Authority and Chautauqua County. County IDA officials approved around $3 million financial incentives for the project — $572,000 in property tax breaks, $62,000 in mortgage recording tax breaks, and $2.4 million in sales and use tax breaks.

Electrovaya is also now trading on the Nasdaq index under the symbol “ELVA.” It continues to be traded on the Toronto Stock Exchange under the symbol “TSX:ELVA”.

“We are very excited with the listing of our shares on Nasdaq, as this represents another significant milestone for Electrovaya and one of the cornerstones for our current strategic plan. The up-listing to Nasdaq reflects our growing sales momentum and overall financial performance.” said DasGupta said. “”Electrovaya produces batteries with industry leading safety and cycle life and includes some of the world’s largest corporations as customers. I believe that by listing on Nasdaq, we will enable improved awareness and shareholder value while also continuing to carry forward the vision of the Company, our founders and trailblazers Dr. James Jacobs, Gitanjali DasGupta and Dr. Sankar DasGupta, for Climate Change Mitigation.”